New Delhi, July 16 (IANS) In a significant step towards enhancing taxpayer services and promoting voluntary tax compliance, the Central Board of Direct Taxes (CBDT) has enabled display of information relating to foreign assets and income, received under the Automatic Exchange of Information (AEOI) framework, in the Annual Information Statement (AIS) of eligible taxpayers on the Income Tax e-Filing portal. This taxpayer-centric initiative has been undertaken to facilitate, and not to investigate,…
Latest CBDT News & Updates
New Delhi, July 16 (IANS) The Central Board of Direct Taxes (CBDT) has increased the Cost Inflation Index (CII) for the financial year 2026-27 by 2.3 per cent to 384 from the corresponding figure of 376 in the previous financial year.The CBDT notification was issued on July 15, 2026, and will apply from April 1, 2026, onwards for tax calculations.The Cost Inflation Index, or CII, provides for adjusting the purchase price of assets for inflation when calculating long-term capital gains tax after …
New Delhi, July 14 (IANS) Former Chief Election Commissioner (CEC) S.Y. Quraishi has said that curbing the influence of money power in elections was one of his biggest priorities after taking charge of the Election Commission of India (ECI) in 2010. Recalling his tenure, he said the Commission identified 40 different methods through which money was allegedly used to influence voters and seized crores of rupees, which later increased to hundreds of crores, during its crackdown on electoral malpra…
New Delhi, July 14 (IANS) The government has extended the tenure of Statistics and Programme Implementation Secretary Saurabh Garg by another year and the term of the Central Board of Direct Taxes (CBDT) Chairman Ravi Agrawal by six months and promoted two IPS officers as Joint Directors in the CBI in a string of decisions covering various posts at the Centre.Garg, a 1991-batch Indian Administrative Service (retired) officer of the Odisha cadre, will continue to serve on a contract basis till Ju…
New Delhi, July 11 (IANS) More than 1.7 crore income tax returns (ITRs) have been filed so far for the assessment year (AY) 2026-27, the Income Tax Department said on Saturday.”Over 1.7 crore taxpayers have already taken the smart step and filed their ITRs for A.Y. 2026-27,” the department said in a post on X.According to the department, more than 10 lakh returns were filed on Friday alone.Moreover, the Income Tax Department has urged eligible taxpayers who are yet to file their returns to compl…
New Delhi, June 19 (IANS) The Supreme Court on Friday agreed to examine a public interest litigation (PIL) seeking a court-monitored investigation by the Enforcement Directorate (ED), the Serious Fraud Investigation Office (SFIO) and the Reserve Bank of India (RBI) into an alleged banking fraud involving over Rs 1,500 crore of public sector bank funds and the role of asset reconstruction companies (ARCs) in facilitating debt settlements at a fraction of the outstanding dues. A Bench of Chief Jus…
New Delhi, May 15 (IANS) The Income Tax Department on Friday said that it enabled the filing of Income Tax Returns (ITRs) for the financial year 2025-26 (assessment year 2026-27) with the release of Excel utilities for ITR-1 and ITR-4 forms on e-filing portal.Announcing the update on social media platform X, the department said taxpayers can now access both the Excel utility and online filing options for the two forms.With the announcement of the offline utilities, the ITR filing process for AY …
New Delhi, May 9 (IANS) The Central Board of Direct Taxes is stepping up efforts to recover Rs 2.57 lakh crore in confirmed tax demands in the current fiscal year, a report has said.Under the enforcement drive, special teams will track the top 10,000 high‑value arrear cases nationwide in FY27, the tax department officials told NDTV Profit.Tax recovery and compliance monitoring will see a technology-driven push from artificial intelligence, data analytics and digital forensics, they said.The CB…
New Delhi, May 4 (IANS) India’s net direct tax collections recorded steady growth in the financial year 2025–26, rising 5.12 per cent year-on-year to Rs 23,40,406 crore, according to data released by the Central Board of Direct Taxes (CBDT) on Monday.Gross direct tax collections for the fiscal stood at Rs 28,11,936 crore, registering a 4.03 per cent increase compared to Rs 27,03,107 crore in FY25.The rise was supported by higher inflows from both corporate and non-corporate tax segments, ref…
New Delhi, April 2 (IANS) The Income Tax Department on Thursday launched a new website called ‘Kar Saathi’, aimed at making tax-related processes simpler and more user-friendly. The department said the platform brings all direct tax information under one roof and is designed to be easier to navigate and faster to use.Announcing the launch on X, Income Tax India shared that the new website will help taxpayers access all information in one place while introducing ‘Kar Saathi’, an AI-powere…